Can I use my rebate check to pay my taxes?

[mdmc]

For the first time in 20 years I owe money! I don't have enough money to pay my medical co-pays. I can't buy gas. How am I going to pay my taxes?

Anyone know if I can just sign my rebate check back over to the IRS?

[NMDemDist2]

1. i was hoping to do the same, but no.

although I'm not sure if you file for an extension if they'll send out the check :shrug:

I owe $375 but should be able to get the cash together by 4/15

[Mountainman]

2. I owe taxes from last year. I don't think I will get a check in that case.

[havocmom]

3. Taxes due 4/15 and your 'rebate' comes in June

:shrug:

[mdmc]

4. I didn't realize that

Thanks.

[sharesunited]

5. They don't process your rebate check

until they receive your return. A real chicken and egg problem. What you need is a bridge loan. Ask H&R Block if they are making loans on rebates.

[iris5426]

6. They do...but it is generally a huge ripoff nt

[Jeff In Milwaukee]

10. They do not...

H&R Block has no loan program geared toward the tax rebates.

The rebate check is not processed by Block (or any other tax preparer).

[iris5426]

15. Right, sorry answered too fast...

I was thinking refund loans...which are generally a big rip off :)

[Jeff In Milwaukee]

16. They really are...

Full Disclosure: I work for H&R Block. I try to guide by clients to the less-expensive options. They're convenient if you really (really) need the money fast -- I had a client this year who was leaving for vacation in Mexico in five days and his refund was going to be his drinking and gambling money. Fair enough.

But for most other people, it's far better to wait to get your money.

[DemocratInSoCal]

7. The Rebate Is Actually On Your 2008 Taxes

It is applicable to the '08 tax year, which is why you can't get it, until you have finalized and filed the '07 return.

However, I believe that if you have a Balance Due, either prior or 2007, and you haven't paid it, they might just apply the refund check to that. However, they might still hit you for penalties, since you have an unpaid balance as of 4/15.

[Jack Rabbit]

8. We, the People, have been spending money like the Bushies

I'm going to use it to pay my credit card bill.

[Geoff R. Casavant]

9. Actually, yes.

When the first $300 per person "refund" happened in 2001, we were on a payment plan and had a couple hundred left to pay, and what we owed was simply deducted from our "refund" and we got a check for the balance.

So yes, it can be done. Make sure you file your return on time, and I think there is a form you can use to extend the time for payment, although you will owe failure-to-pay penalties and interest until all is paid up.

[Javaman]

11. count on it? bet on it.

back when we got that 300 bucks from moron*? I owed exactly 295 in taxes. I spoke to the IRS, they said, "don't worry, we will deduct it from you rebate check".

gee, thanks a lot, so thoughtful of them. :eyes:

[better tomorrow]

12. file for an extension and then when the check comes, pay it off....

here is the schedule of when you can receive it...

http://www.irs.gov/irs/article/0,,id=180250,00.html

Oh, yeah, I forgot...you have to file first....but maybe you can take out an anticipation loan of some kind....

Good luck. I'd give it to you but my original refund just went to pay my real estate taxes this week.....

[high density]

14. An extension doesn't mean you're waived from paying your taxes on April 15

And if you file an extension, your "stimulus payment" will be delayed.

http://www.irs.gov/formspubs/article/0,,id=98155,00.html

"Please be aware that an extension of time to file your return does not grant you any extension of time to pay your tax liability."

[Jeff In Milwaukee]

17. That's very common misconception...

If you're missing the documentation necessary to file your taxes, you're supposed to estimate the amounts and then file an extension (with payment).

If you can't afford to pay your taxes, you can set up a payment plan with the IRS.

[high density]

13. Definitely don't wait for the rebates

For one thing, as others have said, you need to first file your 2007 taxes to get the rebate. Secondly you're going to rack up penalties if you don't pay, because the rebates won't be distributed for a few more months.

Here's the rebate schedule. Direct Deposit people get put at the front of the line: http://www.irs.gov/irs/article/0,,id=180250,00.html

[mdmc]

18. thanks for the links